Diversis Capital LLC has purchased Blue Software, completing a carve-out process that came about in the months that followed Matthews International Corp.'s (Nasdaq: MATW) acquisition of Schawk Inc.(NYSE: SGK).

Blue, previously a subsidiary of Schawk, is now a portfolio company of Diversis, a Los Angeles-based private equity firm launched in May 2013. It is the third deal for the fledgling investment firm, following Nylon Magazine in May and Martin Archery Inc. in October 2013.

Based in Des Plaines, Illinois, Blue makes label management software used by many Fortune 500 companies in the production and distribution of consumer goods artwork and labels for a variety of products, including pharmaceuticals.

Blue, currently considered the largest provider in the space, expects the sale to Diversis to accelerate growth.

Matthews will continue to support Blue with current and future clients.

The sale of Blue is in line with current trends in which major strategic buyers like Matthews are opting to shed non-core assets. For more on this movement, and other trends to track in the coming months, see the January 2015 cover story of Mergers & Acquisitions.

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